All Forum Posts by: Rod F.

I was shocked when I got a new county appraisal, It was double what I had just paid for the house. I called them and told them I would take their offer. They said that's not an offer . so I told them that heck knock off 5 grand and ill still take their offer. PAY ME!!!!

 I showed then the purchase price and they dropped the valuation. You can always appeal the valuation.

The gas company's came to town, Leased up the land for gas production, Our land valuations doubled and tripled ,  Now there gone, land prices have dropped again, but were stuck with the valuations.  

I have everything in llc's , doing a major consolidation refi, right now. went to banker and talked about consolidation. He came up with some suggestions. Trying to get some payments consolidated and freeing up a few properties.

I own one now that went to public auction. the high bid was 59,900. bank wanted 62K.  A short time later bank listed it at 42K I bought it and rehabbed it. I put 8k in it during rehab. Today it's still rented.  MV is close to 80K.    

What I understand is the auction, released all other liens, And the bank took possession as 1st lienholder. So they could sell. After that I stay away from auctions.  

I'm sure there are expert's on here that would buy a bunch of them, hasn't worked for me. 

HELOC home equity line of credit. usually about 80% available.

or u can use it as leverage against the mortgage on the next purchase.

lots of options Talk to your banker, he can make some suggestions.  

After going back and looking at pics window are all boarded up, new windows ? on that house . figure about $500 a window, I just had estimates on the house im working on ant they ran 300 to 800 each. there is lots of windows and doors on that one. entry way for a house like that could be 3 to 5k. see already working on that double fiqure.

And how is the foundation?   this is very rough without an inspection.

3800 sq ft built 1920,

New roof  approx.   10,000  might be low?

Flooring @ 2.50 sq ft 9625.0

1920 Wires@          10,000  very rough estimate

2 bathroom upgrades 15,000

HVAC                    10,000 in dallas u need A/C

Landscape and driveway10,000(usual figure would be 10% minimum on a new build)

Paint and wallpaper,        2500.

Plumbing? Who knows. 5 to 10 k  remember 1920, cast iron and leaded joints.

Roughly, 65k to 75K Sight unseen. Probably double that.

with that said it is on the national historic register , do a rehab to period and it’s no telling where thost costs would go. But on the other hand there are funds available for those things.

beautiful old house, priced close to the top of the neighborhood. I never want to own the most expensive house in the neighborhood.  

 But your in a different market than me. I honestly know very little about historic homes. and my rehab costs usually are about 50% higher than I figured. some surprise always seem to show up.   

That's my guess! it's just an opinion, one thing with all this knowledge here some one will see or think of something i didn't like holding cost, insurance, permits, inspectors. Watch the list grow.  

Most of our homes are in the 2/1 and 3/2 range, tend to be more rural and under 50k purchases. Market Values of 50 to 100k. I'm not in the big city's.   

RULE #1  NO FRIENDS, NO RELATIVES.

you will be the good guy who wont mind me being late!!!!

 I want to buy a new ____ this week it's on sale!! I can pay rent later.

This is a business. not a charity.

Can u imagine evicting your mother!!!! U will be the family low life.  lol

I use the kwickset  smart key system,  one of the first things i do with a rehab is change  locks to a key, that all of us carry, our trusted vendors carry.  when rehab is done, we rekey for new tenant.  also rekey for each new tenant. Quick, easy and effective.  occasionally I have to swap one out. 

I always get a second opinion on major repairs. my central air on the house i am working on  was "pronounced dead" the HVAC guy that I usually used, was 500 higher than the new quote. I went with the new quote Runs perfectly.  looks like I have a new HVAC guy.   Seems like all the old guy wanted to do was put in a new unit every time.

 Had to replace windows also.   5 different quotes on this. from 800 a window at home depot to 300 all double hung, double pane argon gas vinyl windows.  SAVED another 500.

that 1000 is going a long way on the rehab expenses. 

one word.

next!